23 February 2019

The first big test weekend for 2019 has passed somewhat smoothly, albeit a far cry from the start of 2017 and even 2018. Most of the properties we attended had bidding, even if it was from only one party, with the property more often than not selling after in private negotiations.

The quote has become an important part of the process.  Many of the homes we reviewed over the weekend sold within their respective quote ranges.  Moving forward, however, this may be more difficult for agents to predict, as an increasing number of homes are being reported sold with no prices recorded.

If buyers and sellers were waiting for some additional guidance after this weekend, the results suggest there are good opportunities to buy or sell at the moment.  If buyers are only searching for bargains, or sellers are waiting for a dream price, they might be better to wait.  For those wanting to move onto various stages of their lives, whether it is buying, selling or both, there is still a market there.

For those thinking of upgrading, now can be an even better time to make the move, particularly if you are willing to buy something a little ‘daggy’ that you can fix up over time.

We believe there are still a number of well-located properties that can become ‘A’ graders out there to buy.   The key is being able to identify the level of work required and cost involved to assess whether the end product would be over-capitalising for the suburb.  A basic understanding of what can and cannot be done in a town planning and building permit sense is also a very important consideration. Adam, a registered and practising architect, has helped many of our clients buy into suburbs otherwise unachievable had they been searching for completed products.

Highlights (sold within the range):

  • 17 Bamfield Street Sandringham (Sally Pickering/Richard Slade, Buxton) – quote $1.98-2.17m, sold undisclosed over $2m
  • 14 Pine Grove Malvern (Carla Fetter/Andrew McCann, Jellis Craig) – quote $2.5-2.65m, sold undisclosed top end of quote
  • 27 Manningtree Road Hawthorn (James Tostevin/Michael Wood, Marshall White) – quote $2.2-2.4m, sold $2.325m
  • 7 Bolton Avenue Hampton (Elizabeth Lopez, Biggin & Scott) – quote $2.8-3.08m, sold $3.02m

 

Some of the better properties scheduled for Auction on 2 March; an architect’s view

10 Willansby Avenue Brighton – Sarah Korbel/Russ Enticott, Nick Johnstone

128 Harcourt Street Hawthorn East – Chris Daly/Danielle Balloch, Jellis Craig 

25 Woodside Crescent Toorak – James McCormack/Andrew Hayne, Marshall White  

18 Staniland Avenue Malvern – John Morrisby/Matthew Coombs, Jellis Craig

 

‘Off-market’ Properties:

  • Fully renovated & landscaped family home, Toorak – circa $9m
  • Pretty Victorian double-fronter, Hawthorn – circa $2.65m
  • Two storey, Art-Deco duplex, 3-2-1, Elwood – around $2m
  • Modern Townhouse with lift, school zone, Beaumaris – circa $2.4m
  • Single level family home on over 850sqm, Malvern East – circa early $2m
  • Timber Victorian family home, 2 storey with West rear, Armadale – circa $3m
  • Californian Bungalow on good land, Balaclava – circa $2.6m

 

Auction Spotlight

Nick Johnstone was made to work hard for a bid on 55 Durrant St Brighton, promising to jump in the pool in return for a bid!

 

Well positioned to the Bay Street shopping precinct, 55 Durrant St Brighton offers a family home with multiple living options and good bedroom separation, as well as an easy-flowing entertainer’s deck and pool off the rear lounge. Comfortable now, but the home would benefit from a freshen up.  A sizeable crowd gathered in the garden for the Nick Johnstone auction, quoted at $1.8-1.85m.  Following the preamble, Nick was faced with a silent crowd, even after he placed his one and only vendor bid of $1.75m.  Eager to entice a bid, he offered to jump into the pool fully clothed for any bid that was placed!  It took a while for this strategy to work, with a young couple eventually taking the plunge with a $1.755m offer.  There was almost another bid placed, although quickly corrected.  No further action was to be gained from the crowd, so the property was passed in for further negotiations with the bidder.  The home sold shortly after for an undisclosed amount close to $1.9m.  Nick Johnstone kept his promise and took a leap into the pool after the deal was done.